March 20, 2018
Facebook Inc. Chief Executive Mark Zuckerberg saw his net worth decline by about $5 billion Monday, but it could have been worse.
Ahead of Facebook’s worst one-day decline since 2012, prompted by news that data affecting 51.3 million members was improperly shared with a political consulting firm, Zuckerberg had been busy selling stock. So far this year, he has sold nearly 5 million shares.
Disposing of those Facebook FB, -2.56% shares before Monday ended up saving about $40 million, according to Securities and Exchange Commission filings and some arithmetic by MarketWatch. At Monday’s close, the 4.9 million shares Zuckerberg has sold this year under a predetermined plan would be worth $855 million. Zuckerberg made about $900 million selling those shares, according to calculations using average weighted prices reported to the Securities and Exchange Commission.
Facebook spokeswoman Vanessa Chan said in an email that the stock sales are intended to fund the Chan-Zuckerberg Initiative, the philanthropic investment organization the Facebook founder set up with his wife in 2015. In an SEC filing in September, Zuckerberg said that he plans to sell at least $6 billion in Facebook stock over the next 18 months to fund the organization’s efforts.
This article was posted: Tuesday, March 20, 2018 at 8:32 am